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Feb 10, 2013 2:00am EST
amendment to the constitution was ratified, given congress the power to collect federal income tax. the urban institute posted a discussion focusing on the history of the federal income- tax and proposals to replace an and changing the income tax since ystem. this is an hour and 25 minutes. >> that afternoon. welcome to the urban institute's first tuesday where we celebrate the 100th anniversary of the income-tax. my name is howard gleckman, the editor of the urban institute blog. a hundred years ago, delaware became the 36 state to ratify the amendment creating a modern income-tax. this one was memorialized in the constitution and we have had an income tax ever since. it is the tax we love to hate. in the 100 years, it has gone from a simple richman's tax to today's tax with a top rate north of 40%. williston churchill said we seem to think it is the worst possible tax -- winston churchill said we seem to think it is the worst possible tax. to my far right, joseph thorndike, director of the tax history project. his latest book is "thei r fair share," out today, published by the urban i
FOX News
Feb 9, 2013 2:30pm EST
city looking like chumps. financial ruin and the highest taxes in the the state take a toll and should the democrats in washington take heed because just this week, a group of them unveiled a 300 billion dollar tax hike they say will help pay down the debt. can america afford it? to ben stein and dagen mcdowell, along with adam lashinsky and gary k, more taxes? >> jumpy, mo yummy, more taxes course not. you hand it it to washington d.c. inefficient, ineffective and every program they've ever run is bankrupt and it's the worst possible thing to do and amazing to watch they said they'd only raise taxes on the so-called privileged few, but everybody got a payroll tax hike and unfortunately, we're hearing from reid, pelosi and unemployment still at 7.9% and we have yet to feel the effects of things to come. >> dagen, i've got to tell you, one way they think you can fix the economy, taxes, taxes, taxes, it's nuts. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already pu
FOX Business
Feb 10, 2013 8:30am EST
taxes in the the state take a toll and should the democrats in washington take heed because just this week, a group of them unveiled a 300 billion dollar tax hike they say will help pay down the debt. can america afford it? to ben stein and dagen mcdowell, along with adam lashinsky and gary k, more taxes? >> jumpy, mo yummy, more taxes course not. you hand it it to washington d.c. inefficient, ineffective and every program they've ever run is bankrupt and it's the worst possible thing to do and amazing to watch they said they'd only raise taxes on the so-called privileged few, but everybody got a payroll tax hike and unfortunately, we're hearing from reid, pelosi and unemployment still at 7.9% and we have yet to feel the effects of things to come. >> dagen, i've got to tell you, one way they think you can fix the economy, taxes, taxes, taxes, it's nuts. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point abou
Feb 11, 2013 2:30am PST
so the grois receipts will phase over a 5 year period starting the tax year of 2013 so next year. and this phase is is to low both businesses and the city to have a smooth transition so that if for any reason the gross receipts is not bringing in as much money we are operating as a deficit but it the gross receipts is coming in a herself we might phase in in a shorter amount of time. thank you. and the schedules are broken out into four tiers there's a zero to one million and it's exempt and 2 had the to million and above. so businesses will be taxed at the progressive tier so if you're a business that has $3 million in revenue your first million is not taxes your million to 2.5 million is talked at the 2 to 2.5 million taxable followup u amount eaten the last $500,000 will be taxed. so here's an example i mean chris has provided a good example so one million will be taxed? one million taxed the 1 tier rate did i misquote that i miss stoke so once you reach over one million that first million is taxable. so correction. and then as i noted there's a small business under one millio
Feb 14, 2013 1:00am EST
distinguished himself not only as a knowledgeable of the tax code in the federal budget, it also as an agile leader with a knack for operations. he rose to become a chief operating officer. in 1998, he was named director. when he left omb, it was the last time the federal government had a surplus. an unprecedented surplus of 236 billion dollars. it would not have happened without jack lew's leadership, knowledge, and expertise. in 2009, he answered the call to public service. he returned to d.c. to become deputy secretary for managing resources. he helped secretary of state clinton transform the state department and honing his skills in the international arena. skills that i'm confident will prove useful as he works to address the economic challenges he will be facing as treasury secretary. jack spent the last few years serving the administration as director of omb and as white house chief of staff. he brought nonsecurity spending to its lowest level since dwight eisenhower sat in the oval office. on the fiscal cliff, he kept taxes low on the middle-class. at the same time, decrease the nati
Feb 14, 2013 7:00pm EST
with their own sequester replacement packa package. surprise, surprise, it's got a $54 billion tax hike. the plan looks dead in the water anyway. it's never going to pass the house republicans majority. we got 14 days to go on the sequester kicking in. i say bring it, it's time to cut spending. >> meanwhile, president obama is out on the campaign trail pushing his state of the union spending plan, which frankly also has no chance either. we're about to talk with a business leader ewho says the president stay put, work on corporate tax reform and pass a balanced budget. and the nightmare continues for the passengers on the disabled vessel in mexico. and the attacks on the company and the carnival ceo are just beginning. we're going to have the latest. the "kudlow report" begins right now. >>> all right. first up tonight, the democrats actually now have their own sequester plan. believe it or not. no budget but a sequester plan. let's get all the details from hampton pearson. he is live for us. >> good evening, larry. senate democrats have a plan but it looks like a nonstart with her
FOX Business
Feb 15, 2013 8:00pm EST
taxes are going up a lot, why are we back to the deals with the likes of which we haven't seen since those lazy and hazy, much lower tax rate of 2005? well, it could be that companies simply have no else where else to put their cash or maybe it is all part of a big bunker mentality. too risky to start something new. so they are just buying out arrival or two in their own business. the deals are back. usually that is good for investors. but before the president takes a bow and since christmas, maybe you should take note that these guys are spending all this money, not as an endorsement, maybe as a defense against it. the real story behind all of this, we have matt schuett. what is going on? >> well, there's a lot of cash out there. not returning anything. borrowing costs are very low. stocks are pretty cheap. we have an environment where growth is slow. it is tough to grow. so you think about doing it in organically rather than organically. people are willing to step out with a little bit more confidence to do some of these deals. this is the beginning and we hope to do more. neil: if
Feb 16, 2013 9:30pm EST
state address. he gave the plan to lower income tax and corporate income taxes. this is about 20 minutes. >> thank you very much. mr. president, mr. speaker, members of the legislature, tribal chairmen, distinguished guests, friends and fellow nebraskans, i am excited to be here today at the beginning of the 2013 legislative session as we take this opportunity to continue moving nebraska forward. since 2005, the nebraska legislature and i have worked together to make a positive difference for nebraskans. you and i have positioned nebraska as a state that is making significant progress. this is a great state and it starts with our citizens. nebraskans are hardworking, practical, responsible, and innovative. as nebraskans, we bring a sense of quiet pride to everything we do. we respect each other and we want our children to have an even better nebraska in the future. nebraska is a special place and our job is to ensure that nebraska is prosperous today and in the future. we are on the right path and that path starts with a quality education. education is the great equalizer and edu
Feb 16, 2013 1:30pm EST
cuts dealing with subsidies and direct payments, but also saying we should not be providing tax breaks to big oil companies. and we believe we should apply to the buffet rules to the people making over two million dollars per year. we heard about all the tactics in the tax code. we should get rid of some of those for the purpose of deficit reduction. that is what our plan does in the short term and that is what it would do in the long term. we hope we can have an opportunity to have an up and down vote on the plan that we have put forward. at least two or three times we are going to be asking for a vote in the rules committee for that proposal. i hope we can have an opportunity to have a free flow of debate and ultimately a vote. thank you mr. chairman. >> i would love to begin the debate right now but we have a hearing to get into. the floor is yours. >> thank you mr. chairman. i appreciate the opportunity to be here today and discuss with you cbo's outlook for the budget and economy for the next 10 years. are analyzing shows that the country continues to debate a very large economic
Feb 14, 2013 6:00am EST
of the extra dollar of government spending or how much of the lost dollar of taxes is spent and how quickly it's spent. giving more money to spending increases or tax cuts to lower- income people is more huge effee because they tend to spend a larger share of the difference. infrastructure spending, a lot of that gets spent, but depending on the project, it may get spent somewhat slowly. it can have a high bang for the buck ultimately but not right now. certain projects take a while to get started. infrastructure investment, if devoted to high return projects, can, in fact, have a big effect on the state of the economy. about half of nondefense discretionary spending can be viewed as investments either in physical structures or in people in the form of education and training. not all that money is spent well. but some of it is clearly spent for things that the private sector would not otherwise provide. and some of those projects can then have high rates of return and boost the economy in significant ways over time. i think the -- one concern that people have raised about the cutbac
Feb 10, 2013 9:00pm EST
weakening it. >> mr. speaker, i want to ask the prime minister about the bedroom tax. a woman has twins sons that are in the army. the bedroom tax -- she will be charged more for their bedrooms. she says, i resent the fact that both my sons are defending our country, and in return they will not have a home to come home to when they get their much-needed leave. what is your answer? >> let me make clear. this is not a tax. this is a benefit. i would make two points in respect to the specific case that he raises. first of all, all the time that labour was in government, if you were in a private sector rented home and you were in receipt of housing benefits, you did not get any benefit for empty rooms. i think that is important. it is only fair we treat people in social housing the same way. the second point is that if anybody is away from home, obviously their earnings are not counted. therefore the benefits that person are likely to go up. >> mr. speaker, i look forward to explaining why her paying 25 pounds a week more from april is not a tax on her. as for his point about the priv
Feb 16, 2013 6:20pm EST
getting rid of tax lee pulls -- tax loopholes. we should pursue bipartisan comprehensive tax reform that encourages job creation and helps bring down the deficit. we know what we need to do. the steps are common sense. it will help grow our economy and strengthen our middle class. in the coming weeks and months, our work will not be easy. but america only moves forward when we do so together. when we accept our obligation to one another and to the future generations. that is the american story. that is how we will write the next great chapter together. thank you. have a great weekend. >> hello. it is my honor to represent alabama's second district. as you might know, a series of across-the-board military spending cuts known as the sequester is going into affect in less than two weeks. in his state of the union and just, president obama admitted that these cuts were a bad idea. he failed to mention that the sequester was his idea. his administration during the debt negotiation in 2011. on behalf of our constituents in the house, we are calling to replace the sequester with better and more
Feb 9, 2013 6:20pm EST
-span. >> in his weekly address president obama talks about sequestration and tax policy. then senator lisa murkowski from alaska delivers the republican address. she enters her plan for an energy policy for the u.s.. >> hi everybody. over the last few years, democrats and republicans have come together and cut our deficit by more than $2.5 trillion through a balanced mix of cuts and tax for the wealthiest americans. that is more than both parties say we need to stabilize our debt. i believe e we can finish the job the same way we started it, with a balanced cut of spending cuts and tax reform. and the majority of the american people agree, both democrats and republicans. my preference and the preference of many members of congress is to do that in a balanced way by making sensible changes to entitlement programs and reforming our tax code. as we speak, both the house and senate are working toward budget proposals i hope will lay out this balanced path going forward. wut that takes time and right now, if congress doesn't act by march 1 a series of harmful doubts spending also known as
Feb 13, 2013 7:00am EST
them a tax cut this year, and living standards will certainly be higher for those people on the minimum wage, working full-time come whose income tax bill has been halved under the government. >> ed miliband. >> trying to it was ever such a simple question. i just want a simple answer. and 2015, people will be asking, am i better off now than it was five years ago. what's his answer? >> the answer is people will be a lot better off than they were under labour with a record deficit, with an reformed welfare, with a busted banking system. they would've seen a government that's cut the deficit down, that's cut the income tax is, that is dealt with the banks. and as the governor of the bank of england said today, it's on the road to recovery. >> all the shows is how out of touch he is. and he's even out of touch with his own office for budget responsibility figures. because what they showed is that by 2015, people will be worse off than they were in 2010. because prices have been rising faster than earnings under him. and why is this happening? it's because he told us the economy would be g
Feb 14, 2013 10:00pm PST
democrats, if republicans ruled the world, would they ever raise taxes? well, there is a place where democrats basically don't exist and where republicans today voted to raise taxes big-time and that's in tonight's "rewrite." to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. >>> the only thing that has changed is that hillary and i are a little older, perhaps a little wiser, little less patient, particularly with political dysfunction, a little less tolerant of bs in general, and it is probably a good thing at this point in time that we have a chance to get some damn rest. >>
Feb 13, 2013 5:00pm EST
witnessing in europe. big tax hikes and big spending cuts. interest goes up, we literality start losing control of our own fiscal situation. we become slaves to interest on the debt. we don't have to look far to see examples of a debt cry cy is in action. we don't even have to look at europe. in central falls, rhode island, retirees' pensions have been cut. if a dealt crisis hit this country, the social safety net would unravel. we cannot let that happen. if this report shows us anything, it is that primarily spending is the problem. spending on medicare and social security is set to double. spending on interest, spending on interest is set to quadruple. the c.b.o. expects revenue to double in the next 10 years system of taxes are going up. revenue is rising. it's doubling. but even with the president's tax hikes, the budget never, ever balances. in fact, it doesn't even come close. by 2023, the deficit will be nearly $1 trillion like it is today. the president says we need a balanced approach to closing the deficit, by which he seems to mean one tax hike after another. the fact is, mat
Feb 13, 2013 8:00pm EST
our tax code for individuals and businesses. we need to make the system fairer and help make u.s. is this is more competitive in a global marketplace. as treasury secretary, you will be in a position to make reforms a reality. we will not need only your leadership, but your ideas and technical help. we are very serious about this. we will be counting on your deep experience to achieve comprehensive tax reform. over the past few years, this committee has been moving steadily forward on tax reform. become toox ratcode complex. the last tax code overhaul was in 1986. our world economy has changed drastically in the past three decades. i would tax code has not caught up. -- our tax code is not caught up. this is not some academic exercise. tax reform is a real opportunity to spark the economy and create more jobs. i expect you to be a partner as we tackle tax reform. members of this committee will probably ask you some tough questions. that is our right and responsibility. it is our role. i will ask you to address my concerns -- job creation. i'm confident that in the tradition of th
Feb 13, 2013 1:00pm PST
june before you approved the budget, we did see some significant gains in city tax revenue. and that city tax revenue carried forward into the current year. so, we are p projecting [speaker not understood]. beyond that the dollars we need to provide toward our baseline contributions, the results of the revenue shortages and increases and expenditure deficits and surpluses in departments and actions of the board of supervisors to impact -- to appropriate some of these funds will also impact this projection. so, the table on this page gives you a snapshot of both the starting balance in the current year and what the assumptions are over the course of the year resulting in an estimated fund balance of $38.3 million. we started the year with a balance of 220 million. 104 million of that was used to balance this year's budget. as you recall in a two-year budget, we were appropriating for two fiscal years. this year and next year. so, 104 million was appropriated in year one. and then if you see under column d another 103 million was appropriated for year two. so, the mayor's office policy
Feb 14, 2013 3:00pm PST
$38 million. so, the next slide provides you with a summary of our major tax revenue in the city and it shows you where the bulk of that surplus 72 million come from. and that is property transfer taxes, about $21 million over the budget as we are taking a look at the cash we've received thus far and estimating how much additional property tax revenue we will get for the reminder of the year. our second-largest is -- yes. >> if we can go back to the previous slide, the projected surplus, 38.3 million, how does that relate to the 129 million that was set as our projected shortfall for the next fiscal year? >> i think kate can respond to that question either now or at the end. >> at the end. >> i'll be happy to answer it now, supervisor. kate howard. so, the $38 million reflected in the controller's six-month report essentially is good news to the city's deficit number. the way that i would interpret it is that as we did last year, we've spread our fund balance over two years. so, this would bring down the overall deficit by about $19 million in each year. that's offset l, however, by
Feb 12, 2013 12:00pm PST
are mad because they say well, this is mostly caused by the republicans. without cut taxes and increased spending. the problem for the democrats is that if you look at the next ten years, most of it will be caused by things we care about. >> all of us are invested in this democracy. we are to the going to have parts of our community succeed and parts fail. if government fails, we all fail. >> we don't trust government. but we need government. and government is us, when you come right down to it. those folks in washington weren't landed there from mars. they were elected by us. >> it's a complex problem. people want quick answersment but the fact is that there aren't quick answers. >> these aren't things that can be fixed in election cycle. and the question is do we have the political leadership that is willing to invest that way. >> rational thinking leads to one thing, conclusions. and conclusions are not going to solve the debt problem. emotions on the other hand leads to another thing, action. okay. and we need to take action about the debt in the u.s. we need to change. >>
Feb 14, 2013 11:00pm EST
. she ssys the savings would be usee to lowee the city's property tax raae, whicc is the higgest in the egion. she ccn't say noo hoo uch the fee would be..she says details of he plan are coming soon. and that delay is residents who want details now. (ms. brennaa/residenn) "and what happens if you neiggbors don't paa he feee are youu & goong to sit ii thhir arbage or issit going to be llke a regressive tax, hat's basicalll aaproperty tax. i thinkkthht's outraagous." -3 3 the mayor did say yesterday.. that she'll have more details onnhow the plan will work.. next week. news latt edition. p3 baltiiore... police.... - identify... the officer... who shot tte police trainee... &&pin the heed... tuesday...// &p 3 williaa... . keen... was assignee... as an instructor... in the eddcation and training section .... when... he fireddhis servicc weapon... during a this week.....// he... ttainee... remainn in he pospptall onight..../. kkrn... an... 18--yeer police 3 other oficerssfrom the academy....//.. xperrs say ... this... may indicate... ... ssstemmi proolee & within the bpd. 3 systemmccproblem.
Feb 13, 2013 5:30am EST
governnr martin o'malley and the state legislature pass an increase in the gas tax that's thee onee be spent wisely?itts a question people are asking affer state employeee attended a pricey pprty last month paid ffr byyus..eff barnd investigates in this morning's pover story. story. gas tax. everyone woull pay a - modest gas tax, a three percent sales tax tacckd on at the holesale's an annual rite of passageein annapolis,a cash strapped state seeking to hike the gas tax to refurbish crumbling rrads [7](ivey) "if we want projectt, if weewant to have more moneyyffo even asic things like fixing bridges and roads, ffwe ant to dd these things, we have o find a way to pay for them."but the again for sppnding ome say is wasteful.02::2:29"this is an month the department of empllyees to the maryland qualityytraining conference held at the altimore hilton. it's two days of seminars... ann even a pinewood derby. 10:40:50"are they going to build roads or are they just poing to raise money with a gas tax to do frivilous things like ave parties."ffx has $240 person for the tate employees to
Feb 13, 2013 12:00am PST
deal on taxes but if you talk to business people they all say the same thing we need more certainty and know what washington's going to do on corp. rates and individual rates on tax policy for investment and all the things that are still aiming in the balance and i think that's the biggest danger. he wants to help the middle class with a lot more economic growth worried or not putting washington in a place to help facilitate that. >> rose: is he making the decision he can't deal with business or can't bring them on board or he can't deal with the republicans and can't bring them on board so he's going to confront them. >> there are three tracks. one is his outside group he addressed them tonight at the big conference hall after the state of the union. lots of presidents have tried grassroots. this is a bigger more sophisticated effort as best i can tell than any's done. two he's trying to get things through the senate. there's a lot more going on behalf the surface in the senate besides talks of taxes and spending deals much more than reported much more than what's going on in the h
Feb 12, 2013 7:00pm EST
tax increases are somehow not bad for the economy? i don't understand that logic. we need both. we have been having this debate back and forth. that is part of the problem. and we need some spending restraint. the big area where we need it is in health care. the rising health care cost is in growth to the economy. if we can find ways to bring down the costs of health care we can have a win win. >> the report that came out, which shows a slight decline in the deficit goes back up over $1 trillion in ten years because of social security and yet the president and the democrats don't want to touch entitlements. >> they don't want to cut spending. and that hasn't happened. over the weekend speaker pelosi was saying it is not a spending problem it is a deficit problem. even today, the minority whip was saying it is a pay-for problem. bottom line it is spending and americans recognize that the government has to live within it's means and it is costing us jobs and people can't make the hiring decisions to get the going again. >> it has to be both. >> there are a lot of places that we are m
Feb 15, 2013 1:05am PST
the tax store. i did your taxes. i thought you were a tax expert? today, i'm a master plumber. major tax stores advertise for preparers with "no tax experience necessary." at turbotax, you only get answers from cpas, eas or tax attorneys - all real tax experts. and all other major tax stores combined. you gentleman former lake tahoe bartender used a bogus story that he is deck writed navy seal most decorated of all time he says and he used the story to cash in big. >> aj dick invery convincing so convincing that he's talked his which in part of 300 million dollar security contract. >> our dan is here with an exclusive abc 7 news i team investigation what a tale. >> the i team has been exposing the fake military the hero over the years who make up stories to impress others or get their money. tonight i have the ultimate case. 56-year-old aj dick is very good at telling a store. even when he knows it's not true. that he's a highly decorated member of the special forces. navy seal. >> my wife and i met aj we were at just a sports bar in lake tahoe. and he was a bartender. >>reporte
Search Results 0 to 49 of about 1,902 (some duplicates have been removed)